If you are widowed, divorced, or unmarried, a good estate plan, tailored to your situation, offers protection for your estate as well. If you become unable to handle your own affairs, a person of your choosing can step in immediately without any court involvement. If you should ever marry, an estate plan with a trust can help maintain your property as "separate" in the event of a divorce. Remember, estate planning is not a "one size fits all" endeavor, and not all issues in estate planning are handled the same way for all persons. Make sure you seek advice that is specific to you.
You should investigate your estate planning options if you:
- Want to avoid probate
- Want to avoid or minimize estate and inheritance taxes
- Have a handicapped or disabled child
- Have a child who is not a good money manager
- Are concerned with inlaws and step-children
- Are in poor health and concerned about decision-making
- Own any out-of-state real esate
- Have an estate of $250,000 or more
- Have children by a prior marriage